Seanergy Maritime Shareholders Overwhelmingly Re-Elect Seanergy Nominees at 2024 Annual Meeting

Rhea-AI Summary

Seanergy Maritime Holdings (NASDAQ: SHIP) announced the results of its 2024 Annual Meeting of Shareholders, where shareholders overwhelmingly voted to re-elect company nominees Dimitrios Anagnostopoulos and Ioannis Kartsonas to serve until 2027. The shareholders also ratified the appointment of existing auditors and rejected proposals brought by G. Economou through Sphinx Investment Corp. The company's proposals received over 88% approval, while Economou's proposals were rejected with over 86% opposition. Even excluding votes from management, directors, and Series B Preferred Shares, unaffiliated shareholders strongly supported the incumbent directors with over 71% approval.

Positive

• Strong shareholder support with 88% approval for company proposals
• 71% approval from unaffiliated shareholders, showing broad support base
• Successful defense against hostile takeover attempt

Negative

• None.

Insights

Corporate Governance Expert

The overwhelming shareholder support for incumbent directors and rejection of G. Economou's proposals represents a significant validation of Seanergy Maritime's current leadership and strategy. The voting results show 88.2% support for the company's director nominees and over 91% opposition to the activist proposals.

This outcome strengthens the current board's mandate to continue their strategic focus on Capesize vessels and capital return policies. Even when excluding votes from management and insiders, the unaffiliated shareholders strongly backed the current leadership with over 71% support, demonstrating broad-based confidence in the company's direction.

The failed attempt by G. Economou to gain board influence through declassification and forced resignations indicates shareholders' satisfaction with existing corporate governance structures and strategic execution.

GLYFADA, Greece, Nov. 04, 2024 (GLOBE NEWSWIRE) -- Seanergy Maritime Holdings Corp. (“Seanergy” or the “Company”) (NASDAQ: SHIP) today announced that at the Company’s 2024 Annual Meeting of Shareholders, Seanergy shareholders have overwhelmingly voted to re-elect the Company’s two director nominees – Dimitrios Anagnostopoulos and Ioannis Kartsonas – to serve until the 2027 Annual Meeting, to ratify the appointment of the existing auditors and to reject the proposals brought by G. Economou through his entity Sphinx Investment Corp.

The final voting results are as follows:

COMPANY PROPOSALS	% OF VOTES
	FOR	AGAINST	WITHHOLD / ABSTAIN
1a. Election of Director – Dimitrios Anagnostopoulos	88.21%	-	11.79%
1b. Election of Director – Ioannis Kartsonas	88.22%	-	11.78%
2. Ratification of Appointment of Auditors	93.47%	6.48%	0.05%
G. ECONOMOU PROPOSALS	% OF VOTES
	FOR	AGAINST	WITHHOLD / ABSTAIN
3. Board declassification	13.23%	86.60%	0.17%
4A. Resignation of Mr. Stamatios Tsantanis	8.48%	91.27%	0.24%
4B. Resignation of Ms. Christina Anagnostara	8.48%	91.30%	0.22%
4C. Resignation of Mr. Elias Culucundis	8.50%	91.28%	0.22%

Excluding the votes of management, directors, Series B Preferred Shares and G. Economou¹, Seanergy’s unaffiliated common shareholders overwhelmingly supported Seanergy’s incumbent directors and rejected the proposals put forth by G. Economou, as follows:

COMPANY PROPOSALS	% OF VOTES
	FOR	AGAINST	WITHHOLD / ABSTAIN
1a. Election of Director – Dimitrios Anagnostopoulos	71.47%	-	28.53%
1b. Election of Director – Ioannis Kartsonas	71.51%	-	28.49%
2. Ratification of Appointment of Auditors	97.51%	2.31%	0.18%
G. ECONOMOU PROPOSALS	% OF VOTES
	FOR	AGAINST	WITHHOLD / ABSTAIN
3. Board declassification	36.38%	62.70%	0.93%
4A. Resignation of Mr. Stamatios Tsantanis	10.54%	88.14%	1.32%
4B. Resignation of Ms. Christina Anagnostara	10.54%	88.28%	1.18%
4C. Resignation of Mr. Elias Culucundis	10.64%	88.16%	1.20%

Seanergy issued the following statement:

We greatly appreciate our shareholders’ support for our Board. This outcome reflects confidence in our Board and Seanergy’s strategic direction and our commitment to value creation both now and into the future. It is clear that our shareholders recognize that our Board and governance are driving meaningful, sustained growth. Today’s vote also underscores that Seanergy shareholders have firmly rejected G. Economou’s self-serving attempt to seize control, standing decisively against his proposals.

In recent years, Seanergy’s Board and management team have transformed the Company into a leading public, growth-oriented Capesize pure-play. Our investments in the Capesize fleet have enabled us to operate efficiently, outperform the market, and generate strong free cash flow to support disciplined growth while increasing capital returns to shareholders. With this focused strategy, we believe Seanergy is well-positioned to continue delivering strong performance through the cycle and attractive shareholder returns.

We thank our shareholders for the trust they have placed in our Board, and we look forward to continue engaging with them and taking actions that are in the best interest of all Seanergy shareholders.

About Seanergy Maritime Holdings Corp.

Seanergy Maritime Holdings Corp. is a prominent pure-play Capesize shipping company publicly listed in the U.S. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. The Company’s operating fleet consists of 19 vessels (1 Newcastlemax and 18 Capesize) with an average age of approximately 13.5 years and an aggregate cargo carrying capacity of approximately 3,417,608 dwt.        

The Company is incorporated in the Republic of the Marshall Islands and has executive offices in Glyfada, Greece. The Company's common shares trade on the Nasdaq Capital Market under the symbol “SHIP”.

Please visit our Company website at: www.seanergymaritime.com.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events, including with respect to the declaration of dividends, market trends and shareholder returns. Words such as “may”, “should”, “expects”, “intends”, “plans”, “believes”, “anticipates”, “hopes”, “estimates” and variations of such words and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks and are based upon a number of assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the Company’s operating or financial results; the Company’s liquidity, including its ability to service its indebtedness; competitive factors in the market in which the Company operates; shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; future, pending or recent acquisitions and dispositions, business strategy, impacts of litigation, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations outside the United States; broader market impacts arising from trade disputes or war (or threatened war) or international hostilities, such as between Israel and Hamas or Iran and between Russia and Ukraine; risks associated with the length and severity of pandemics (including COVID-19), including their effects on demand for dry bulk products and the transportation thereof; and other factors listed from time to time in the Company’s filings with the SEC, including its most recent annual report on Form 20-F. The Company’s filings can be obtained free of charge on the SEC’s website at www.sec.gov. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

For further information please contact:

Investors
Seanergy Investor Relations
Tel: +30 213 0181 522
E-mail: ir@seanergy.gr

Capital Link, Inc.
Paul Lampoutis
230 Park Avenue Suite 1536
New York, NY 10169
Tel: +1 212-661-7566
Email: seanergy@capitallink.com

Media
Joele Frank, Wilkinson Brimmer Katcher
Aaron Palash / Maggie Carangelo / Spencer Hoffman
Tel: +1 212-355-4449
Email: Seanergy-Media@joelefrank.com

____________________________

¹ Assumes that shares reported on Schedule 13D as beneficially owned by G. Economou were voted against the Company proposals and for his proposals.

FAQ

What was the voting result for Seanergy Maritime's (SHIP) director nominees at the 2024 Annual Meeting?

Dimitrios Anagnostopoulos and Ioannis Kartsonas were re-elected with 88.21% and 88.22% of votes in favor, respectively.

How did Seanergy Maritime (SHIP) shareholders vote on G. Economou's proposals in 2024?

Shareholders overwhelmingly rejected G. Economou's proposals, with over 86% voting against board declassification and over 91% opposing the resignation of current board members.

What percentage of unaffiliated shareholders supported Seanergy Maritime's (SHIP) directors in 2024?

Excluding management, directors, and Series B Preferred Shares, 71.47% and 71.51% of unaffiliated shareholders voted in favor of Anagnostopoulos and Kartsonas, respectively.